Zhipu Fears Becoming the Next MiniMax? The Internal Letter Downplays Coding, Fully Betting on AGI and Agents

BlockBeats message, July 13: Zhipu founder Tang Jie released an internal letter titled “The Giant Wave Has Arrived,” proposing that in the future the company will focus on Long Horizon Task (long-cycle tasks), Autonomous Agent (autonomous intelligent agents), Self-Evolving (self-evolution), and directions such as AGI. He also launched a two-year “Touch High” plan, making it clear that the company does not pursue short-term monetization of applications.

According to reports, although the AI Coding business once drove Zhipu’s rapid commercialization growth and boosted its valuation, Tang Jie’s internal letter almost never mentioned Coding. Instead, he positioned the company further toward the AGI infrastructure and autonomous agent route. Analysts believe this move is intended to prevent the market from valuing Zhipu using metrics typical of traditional SaaS or AI application companies’ revenue and ARR, while keeping Zhipu’s long-term growth narrative as an AGI technology company.

Market views believe that after MiniMax’s release, the stock price saw a sharp pullback, and AI company valuation logic is gradually shifting from “technical expectations” to “commercial delivery.” Against this backdrop, Zhipu is trying to complete the capital-market narrative shift in advance, using technological breakthroughs and the AGI vision as new valuation anchors.

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